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Taxes assessments for a property in NYC are $1,000,000, $1,200,000, $1,100,000, $1,300,000, $1,400,000 for years 1-5,...

Taxes assessments for a property in NYC are $1,000,000, $1,200,000, $1,100,000, $1,300,000, $1,400,000 for years 1-5, respectively. The mil rate is 131 per $1,000 in year 1 an they are anticipated to grow 2% per year. What are the taxes given the phase in over 5 years.

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Expert Solution

The tax assessment are given and the mil value is given with the growth rate,so the growth rate is is applied on the mil rate and the increased mil rate after the appliance of growth rate is used to determine the taxes.

ekkarill92 answered 2 years ago
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